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(1)After the F3. . . trustee has made a final division of the debtor’s estate and has inserted his final audited accounts in the sederunt book, he—

(a)shall deposit any unclaimed dividends and any unapplied balances in an appropriate bank or institution;

(b)shall thereafter send to the Accountant in Bankruptcy the sederunt book, a copy of the audited accounts and a receipt for the deposit of the unclaimed dividends and unapplied balances; and

(c)may at the same time as sending the said documents apply to the Accountant in Bankruptcy for a certificate of discharge.

(2)The F3. . . trustee shall send notice of an application under subsection (1)(c) above to the debtor and to all the creditors known to the F3. . . trustee and shall inform the debtor and such creditors—

(a)that they may make written representations relating to the application to the Accountant in Bankruptcy within a period of 14 days after such notification;

(b)that the sederunt book is available for inspection at the office of the Accountant in Bankruptcy and contains the audited accounts of, and scheme of division in, the sequestration; and

(c)of the effect mentioned in subsection (5) below.

(3)On the expiry of the period mentioned in subsection (2)(a) above, the Accountant in Bankruptcy, after examining the documents sent to him and considering any representations duly made to him, shall—

(a)grant or refuse to grant the certificate of discharge; and

(b)notify (in addition to the F3. . . trustee) the debtor and all creditors who have made such representations accordingly.

(4)The F3. . . trustee, the debtor or any creditor who has made representations under subsection (2)(a) above, may within 14 days after the issuing of the determination under subsection (3) above, appeal therefrom to the sheriff and if the sheriff determines that a certificate of discharge which has been refused should be granted he shall order the Accountant in Bankruptcy to grant it; and the sheriff clerk shall send a copy of the decree of the sheriff to the Accountant in Bankruptcy.

[F4(4A)The decision of the sheriff on an appeal under subsection (4) above shall be final.]

(5)The grant of a certificate of discharge under this section by the Accountant in Bankruptcy shall have the effect of discharging the F3. . . trustee from all liability (other than any liability arising from fraud) to the creditors or to the debtor in respect of any act or omission of the F3. . . trustee in exercising the functions conferred on him by this Act including, where he was also the interim trustee, the functions conferred on him as interim trustee.

(6)Where a certificate of discharge is granted under this section, the Accountant in Bankruptcy shall make an appropriate entry in the register of insolvencies and in the sederunt book.

(7)Where the F3. . . trustee has died, resigned office or been removed from office, the provisions of this section shall, subject to any necessary modifications, apply in relation to that F3. . . trustee or, if he has died, to his executor as they apply to a F3. . . trustee who has made a final division of the debtor’s estate in accordance with the foregoing provisions of this Act.

[F4(8)This section does not apply in any case where the Accountant in Bankruptcy is the F3. . . trustee.]

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58 Unclaimed dividends. S

(1)Any person, producing evidence of his right, may apply to the Accountant in Bankruptcy to receive a dividend deposited under section 57(1)(a) [F5or 58A(3)] of this Act, if the application is made not later than 7 years after the date of such deposit.

(2)If the Accountant in Bankruptcy is satisfied of the applicant’s right to the dividend, he shall authorise the appropriate bank or institution to pay to the applicant the amount of that dividend and of any interest which has accrued thereon.

(3)The Accountant in Bankruptcy shall, at the expiry of 7 years from the date of deposit of any unclaimed dividend or unapplied balance under section 57(1)(a) [F5or 58A(3)] of this Act, hand over the deposit receipt or other voucher relating to such dividend or balance to the Secretary of State, who shall thereupon be entitled to payment of the amount due, principal and interest, from the bank or institution in which the deposit was made.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

(1)This section applies where the Accountant in Bankruptcy has acted as the F7. . . trustee in any sequestration.

(2)After the Accountant in Bankruptcy has made a final division of the debtor’s estate, he shall insert in the sederunt book—

(a)his final accounts of his intromissions (if any) with the debtor’s estate;

(b)the scheme of division (if any); and

(c)a determination of his fees and outlays calculated in accordance with regulations made under section 69A of this Act.

(3)The Accountant in Bankruptcy shall deposit any unclaimed dividends and any unapplied balances in an appropriate bank or institution.

(4)The Accountant in Bankruptcy shall send to the debtor and to all creditors known to him—

(a)a copy of the determination mentioned in subsection (2)(c) above; and

(b)a notice in writing stating—

(i)that the Accountant in Bankruptcy has commenced the procedure under this Act leading to discharge in respect of his actings as F7. . . trustee;

(ii)that the sederunt book relating to the sequestration is available for inspection at such address as the Accountant in Bankruptcy may determine;

(iii)that an appeal may be made to the sheriff under subsection (5) below; and

(iv)the effect of subsection (7) below.

(5)The debtor and any creditor may appeal to the sheriff against—

(a)the determination of the Accountant in Bankruptcy mentioned in subsection (2)(c) above;

(b)the discharge of the Accountant in Bankruptcy in respect of his actings as F7. . . trustee; or

(c)both such determination and discharge.

(6)An appeal under subsection (5) above shall be made not more than 14 days after the issue of the notice mentioned in subsection (4)(b) above; and the decision of the sheriff on such an appeal shall be final.

(7)Where—

(a)the requirements of this section have been complied with; and

(b)no appeal to the sheriff is made under subsection (5) above or such an appeal is made but is refused as regards the discharge of the Accountant in Bankruptcy,

the Accountant in Bankruptcy shall be discharged from all liability (other than any liability arising from fraud) to the creditors or to the debtor in respect of any act or omission of the Accountant in Bankruptcy in exercising the functions of F7. . . trustee in the sequestration [F8including, where the Accountant in Bankruptcy was the interim trustee, the functions of the interim trustee] .

(8)Where the Accountant in Bankruptcy is discharged from all liability as mentioned in subsection (7) above, he shall make an entry in the sederunt book recording such discharge.

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

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